Heitman acquires second office portfolio in Hungary (HU)

Heitman European Property Partners IV (HEPP IV) the American-based property investment fund, finalized the acquisition of its second Hungarian office portfolio at the end of 2011.

Science Park

Science Park.

Alkotás Point

Alkotás Point.

Acquired from UK-based Aviva and advised by the global real estate consultant, Cushman & Wakefield, the portfolio consists of two landmark offices known as Science Park and Alkotás Point.

Science Park, a prime 30,000-m² office building developed by Skanska in 2002 offers long term secure income from the international anchor tenant, Ericsson.

Alkotás Point, a 25,000-m² office was developed in 2004 and offers more opportunities to add value through active asset management. This represents a successful year for HEPP IV having previously agreed a JV on Millennium Towers in Hungary with Trigranit in the same year.

Charles Taylor of Cushman & Wakefield commented: "Science Park has consistently out-performed the market. It was pre-let during construction, sold on completion in 2006 by Skanska and despite most lease contracts rolling over since then, has barely dropped below 100% occupancy.

"Alkotás Point, by contrast offers Heitman a great opportunity to improve occupancy levels within this landmark office building."

Source: Cushman & Wakefield

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